By The Way
The By The Way newsletter is a great way to keep Kentucky credit unions informed of the latest updates in governmental affairs, compliance and regulations, education and training. In addition, By the Way highlights the difference credit unions are making on a daily basis.
League Updates
From America's Credit Unions
Educational Opportunities
- The 2025 Event Calendar is Here!
- 2025 Spring FiCEP Class
- IRA Training
- Earn Your CCUE Designation at the Southeast Management School!
- Unlock Your Leadership Potential at iLead!
Credit Union News
- Commonwealth Credit Union Spreads Holiday Cheer Across Kentucky
- Park Community Credit Union and Simmons College of Kentucky Partner to Support a Brighter Future
Compliance Updates
- Collaboration Station #6
- Eyes on the everchanging BOI Reporting Requirements
- Exciting InfoSight Updates Ahead – Do YOU want to be a tester for the new site?
SUBMIT AN ARTICLE OR PRESS RELEASE
President's Update
As many of you have seen and heard in the news and especially in the trade press, on Thursday the 12th, the CFPB announced their final version of a rule that will limit the ability of financial institutions over $10 billion in assets ability to charge overdraft fees. Specifically, the CFPB, in their new rule state that institutions can choose to charge $5 for an overdraft fee or to limit that fee to an amount that only covers the cost incurred by the institution to cover a specific overdraft, or for the institution to charge any fee they chose, while fully disclosing the interest rate of the “loan”.
We don’t need to tell you that this is untenable and if allowed to take effect would completely upend and reset the market and severely limit the options available to your members who need this vital product. That is why a coalition of trade groups, including America’s Credit Unions and 3 individual banks among others, immediately filed suit challenging the rule and seeking a declaration that the rule violates the APA, TILA, and CFPA and seeking injunctive relief. America’s Credit Unions has filed a motion of preliminary injunction seeking to pause the effective date of the rule, currently set for October 1st, 2025.
Kentucky’s Credit Unions has joined a coalition of other leagues to engage a Mississippi-based firm to draft and submit a joint Amicus Brief in support of this motion. (The initial lawsuit challenging the rule was filed in Mississippi.)
We were presented with a tight deadline to commit our support, and I want to extend thanks to our board’s executive committee, who responded quickly to our request to approve this worthwhile investment. This is a strong strategy based on the that, regardless of the merits of the case, if we can delay the effective date the system will have time to fight the case on its merits while simultaneously engaging in advocacy with the Trump Administration to reverse the rule in its entirety.
Have a Happy New Year!
Sincerely,
Jim Kasch
League President
Governmental Affairs Update
As we bid farewell to December, we also wrap up the year that was—and what a year 2024 has been! While there's plenty to celebrate and reflect on, let's shift our focus to the exciting and important events ahead in 2025.
Kicking off the new year, January will bring the start of a new session for the Kentucky General Assembly in just a few days. Around the same time, Congress will elect a new Speaker, and a new President will be inaugurated. With so much on the horizon, we thought it was the perfect time to gauge the pulse of Kentuckians and gather their views on key Credit Union issues.
In that spirit, we commissioned a statewide poll before the holidays. While final results are still being tallied, we’re eager to share them with you soon. This survey—our first since the summer of 2019—will provide valuable insights into where Credit Union members and Kentucky voters stand on crucial topics like Membership, Field of Membership, and other important policy issues in our industry.
Stay tuned to By The Way in the coming months for updates on these poll results and our Advocacy Initiatives as we look ahead to 2025. Thank you for your continued support throughout 2024, and here’s to an even stronger partnership in the year to come.
Wishing you a Happy New Year!
Sincerely,
Kyle Hagerty, CUCE
SVP & Chief Advocacy Officer
The Governmental Affairs Conference 2025
March 2–6, 2025 // Washington D.C.
Venue: Walter E. Washington Convention Center
The 2025 Event Calendar is Here!
We’re excited to announce our lineup of key events and training sessions for the year. Join us to enhance your skills, network, and grow with us!
January
13-14: Bankruptcy & Collections
28: Emerging Leaders Kickoff
31: Registration Deadline for Spring FiCEP
February
3-4: Supervisor Bootcamp
11: IRA Essentials
12: Advanced IRAs
TBD: CU Day in Frankfort
March
2-6: GAC
11: Emerging Leaders Day 2
18: Small CU Symposium
24: Spring FiCEP Begins
April
22: Emerging Leaders Day 3
May
8-9: Executive Forum (Lexington)
19: Emerging Leaders Day 4
June
6: Advocacy on Track
15-20: Southeast Management School (Athens, GA)
20: Registration Deadline for Fall FiCEP
July
15-16: TRG Women’s Leadership Conference (Nashville, TN)
28: Emerging Leaders Day 5
August
3-6: SRCUS Regional Directors’ Conference (Savannah, GA)
4: Fall FiCEP Begins
13-15: Vision 2025 (Louisville)
September
TBD: Hike the Hill
22: MLO Training for New Loan Originators
26: Bourbon Gala
November
6-8: Board & Committee Leadership Conference (Pigeon Forge, TN)
10: MLO Training for Experienced Loan Originators
We can’t wait to see you there!
Bankruptcy & Collections Training
January 13-14, 2025 | Virtual Learning Experience
Educational Investment:
- Under $100 million assets: $289 per Credit Union
- Over $100 million assets: $399 per Credit Union
Investment includes unlimited attendees from the same credit union.
The world of the delinquent member is never boring and it never stands still. Much has happened over the last few months that directly impact your Collections Department. From understanding the virtual workflow to new ways to assess default risk and improving your collections calls to understanding your rights in bankruptcy, this informative and interactive session is sure to have something for you! It is never too late to sharpen your collections skills and better position your credit union to assist troubled members who want to work with you during these unprecedented times and maximize the recovery from everyone else.
But that’s not all! This often-overlooked operational area is at the unfortunate crossroads of member service and compliance risk and this creates the need to be continually looking for ways to improve our performance while limiting risk. Very few other areas have undergone a greater regulatory transformation in the last few months than collections.
Join credit union attorney and collections consultant David Reed for an exciting virtual training event as he highlights the latest techniques, tips and trends to maximize your collections function in the new world order. The event includes sample checklists and procedures and ample time to answer your questions.
Can you afford NOT to attend?
MORE INFORMATION
Emerging Leaders Program
Program Overview
The Emerging Leaders Program is a dynamic leadership development experience designed to shape and grow the credit union leaders of tomorrow. Throughout the program, participants will learn from inspiring guest presenters, collaborate in small groups, explore essential topics, take part in meaningful community service, and sharpen the skills needed for success at the next level and beyond.
About the Emerging Leaders Program
- 8-month commitment
- 6 one-day interactive leadership development workshops
- 1 community service project
- Limited to 20 leaders
Why apply?
- Develop and build leadership skills.
- Share and grow with peers.
- Learn from nationally recognized presenters and industry experts.
Educational Investment: $725 per participant
Pricing includes:
- Meals and refreshments
- Presentation materials and handouts
- 1-Day Registration to Annual Meeting & Convention
Travel expenses are not included. Participants will be required to work on a group project, which may require additional hours and/or travel outside of your credit union’s normal work hours. Group project may require coordination between credit unions.
To Register:
To register and pay by credit card, click HERE.
To register and receive an invoice, click HERE.
2025 Spring FiCEP Class
In collaboration with Luminate (Louisiana Credit Unions), Kentucky’s Credit Unions is excited to offer an enhanced Certified Financial Counselor Program tailored for success. This program leverages the America's Credit Unions FiCEP Edition 6 textbook while incorporating additional tools to ensure participants master essential financial counseling concepts with confidence. Engaging webinars, real-world examples, and interactive skill reviews make the learning experience dynamic and effective.
Designed to help you excel on the certification exam and in your counseling role, this program sets you up to provide impactful financial guidance to your members. Don't miss this opportunity to advance your career and empower financial well-being!
Spring Education Program begins March 24, 2025 and ends May 23, 2025
Interactive Exam Prep is May 28, 2025
Certification Exam is May 29, 2025
Deadline to register for the Spring Class and receive a physical book is January 31. Late registration for the Spring class will require a PDF book registration and will remain open until March 14.
REGISTER
Virtual Supervisor Bootcamp
February 3-4, 2025 | Online Learning Opportunity
Educational Investment: $399 per participant
This training will be split over two days:
Day 1: February 3 from 9:00 a.m. - 1:00 p.m. ET (8:00 a.m. - 12:00 p.m. CT)
Day 2: February 4 from 9:00 a.m. - 1:00 p.m. ET (8:00 a.m. - 12:00 p.m. CT)
You don’t master the art of leading and managing through luck; you master it with training, experience, self-learning, and applying best practices. As a manager or supervisor, you must have the attitude, aptitude, skill set, confidence, persistence, and commitment to excel in this multi-tasking, challenging role. This training will help take your expertise to a new level as you learn how to collaborate and coach your employees to excel.
Whether you are new or seasoned managers and supervisors, attendees find this experiential training invigorating, motivating and applicable to managing and supervising others. You will learn how to handle crucial conversations and challenging situations. You will practice a coaching approach that encourages your staff to be engaged and accountable and walk away with a toolbox for immediate use back in your workplace!
Who should attend:
Anyone who is responsible for managing a team (new or seasoned) or identified as a future up-and-coming leader in your credit union. For anyone who wants to take their leadership role to the next level. Branch Managers most definitely benefit from this training as well!
MORE INFORMATION
This training is hosted by Kentucky's Credit Unions and offered in collaboration with the leagues of Indiana, Louisiana, Mississippi, Tennessee, Virginia, and West Virginia. For more information, or to register, please click the button below.
IRA Training
The best way to show your commitment and success in an ever-changing retirement savings plan industry is to continue learning.
Look to your League as your resource for IRA education. Whether you are interested in learning the basics or want to explore more advanced topics, our training covers all aspects of IRA plans.
REGISTER FOR THE SESSION THAT MEETS YOUR TRAINING NEEDS.
February 11th: IRA Essentials
Educational Investment: Full Day $299/person per session
VIRTUAL LEARNING OPPORTUNITY
9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)
IRA Essentials gives attendees a solid foundation of IRA knowledge. Exercises are included throughout the day to help participants apply information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner’s session; no previous IRA knowledge is assumed.
February 12th: Advanced IRAs
Educational Investment: Full Day $299/person per session
VIRTUAL LEARNING OPPORTUNITY
9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)
Advanced IRAs builds on the attendees’ basic knowledge to address more complex IRA issues their financial organizations may handle. This is an advanced session; previous IRA knowledge is assumed. The instructor uses real-world exercises to help participants apply information to job-related situations.
MORE INFORMATION
Earn Your CCUE Designation at the Southeast Management School!
Why Attend?
First-Rate Learning
Enjoy academic teaching that has direct credit union applications. The three-year program, which takes place one week per year in person, will help you develop your operational, managerial and leadership skills.
Collaboration
Engaging activities in class, on campus, and via team projects foster a collaborative atmosphere for you and your classmates. Form life-long bonds while benefiting from shared successes, resources, challenges, and solutions.
Shaping Leaders
Become a Certified Credit Union Executive (CCUE) here, and better the future for yourself, your team, and organization. For more than 50 years, we’ve seen alumni go on to hold leadership positions at their credit unions, in their local chapters, and with community-based organizations.
Start Your Journey!
June 15 – 20, 2025 at the UGA Center for Continuing Education in Athens, GA
Signet Federal Credit Union Gives Back Half a Million Dollars to Members Through Loan Interest Rebate
Signet Federal Credit Union is closing out 2024 by giving back to its members in a significant way: a half-a-million-dollar Loan Interest Rebate. This rebate will credit a percentage of the interest paid on loans throughout the year back to members’ savings accounts by January 2, 2025. It’s a meaningful way to thank the members who have shaped Signet’s legacy—a trusted community partner with 85 years of service, built on loyalty, care, and a shared commitment to growth.
“Over the past 85 years, our members have been the foundation of everything we do,” said Jimmilyn Hancock, CEO and President of Signet Federal Credit Union. “This rebate is more than just a financial gesture—it’s a celebration of our shared success and a reflection of our unwavering dedication to supporting our members’ goals and dreams.”
The Loan Interest Rebate applies to all qualifying loans, excluding Visas and delinquent
accounts, ensuring that active members at every level of borrowing experience the benefits. Whether it’s for a car loan, a home project, or another financial milestone, Signet members will see this giveback directly in their savings accounts.
“This is what it means to start with Signet,” Hancock continued. “We’re more than just a financial institution—we’re a community dedicated to putting people first. This rebate is a testament to how we help our members achieve their goals, not just with words, but with meaningful actions that make a difference.”
This half-million-dollar giveback underscores Signet’s philosophy of “people helping people” and serves as a reminder of the advantages of banking with a credit union that prioritizes its members over profits. With a focus on financial growth, personal service, and a true sense of belonging, Signet Federal Credit Union continues to demonstrate why its members are proud to be part of something greater.
For more details about the Loan Interest Rebate or to explore the benefits of becoming a Signet member, visit signetfcu.com.
Commonwealth Credit Union Spreads Holiday Cheer Across Kentucky
This holiday season, Commonwealth Credit Union brought joy and festive cheer to communities across Kentucky by participating in eight Christmas parades, celebrating the spirit of the season and fostering connections with members and neighbors alike. Decked out in twinkling lights, decorations, and holiday spirit, CCU’s parade floats were a sight to behold. Their creativity and enthusiasm didn’t go unnoticed—earning awards for “Best Business Float” in Richmond, the Mayor’s Award in Shelbyville, the “Spectacular Sparkle Award” in Georgetown, and first place in Owenton. Each float
represented more than just holiday magic, it symbolized CCU’s dedication to the communities it serves.
From the bustling streets of Lexington to the charming downtowns of Nicholasville, Versailles, and Frankfort, CCU’s team members greeted parade goers with warm smiles and heartfelt holiday wishes. Families, friends, and members lined the streets, sharing in the festive fun as CCU embraced the opportunity to spread joy and strengthen relationships.
Participating in these parades wasn’t just about celebrating the holidays—it was about building bridges and deepening the bond between CCU and the communities that have trusted and supported them throughout the year. By engaging with neighbors and members at these cherished local events, CCU underscored its commitment to being not just a financial institution, but a partner in community life.
Park Community Credit Union and Simmons College of Kentucky Partner to Support a Brighter Future
Park Community Credit Union, Kentucky’s largest Community Development Financial Institution (CDFI) Credit Union, and Simmons College of Kentucky, Kentucky’s first Historically Black College-University (HBCU) have formalized a ten-year partnership to amplify the impact of both mission-aligned organizations to foster a shared sense of belonging and lasting, positive change within the community.
Together, Simmons College and Park Community Credit Union aim to empower our community, fuel the dreams of students and community members, and cultivate a deeper sense of belonging for all involved. The key initiatives of the partnership include financial education programs to equip students with essential financial skills, collaborative career outreach to expand professional opportunities, joint outreach programs, student internships, and faculty collaborations.
“We are privileged to deepen our longstanding partnership with Simmons College of Kentucky,” stated Jana Erny, President and CEO of Park Community Credit Union. “Our mutual commitment to community empowerment aligns perfectly with Simmons College’s dedication to student success. By providing vital financial education and resources, we empower students to thrive both professionally and personally, contributing to the continued prosperity of our region.”
With recent expansion plans and a view for future growth, Simmons College provides degree programs which will play a crucial role in local workforce pipeline development. Unique programs like the Second Chance Pell Program and Executive Leadership Academy provide opportunities for individuals to thrive and give back to their community. Creating access to a high-quality secondary education in addition to financial education and career outreach programs will attract students to come to this region and stay.
Dr. Kevin W. Cosby, President of Simmons College said, "This partnership with Park Community Credit Union is helping to create pathways and provide essential resources for students who might not otherwise have access to such opportunities. Together, we are breaking down barriers, empowering our students, and building a
future where success is achievable for everyone, regardless of their starting point. By investing in student success, Park Community Credit Union is helping to shape a brighter, more promising future for our students and the communities they will go on to serve."
Students and Faculty at Simmons College joined Park Community team members today to celebrate the elevated 10-year partnership. A symbolic check presentation marked Park Community Credit Union’s financial commitment to the collaborative initiatives between the two organizations.
To learn more about Park Community Credit Union, visit parkcommunity.com. To learn more about Simmons College, visit simmonscollegeky.edu.
Collaboration Station #6
A place where we all come, once a month – on the 15th (or the following business day – such as it was this month, on Monday the 16th of December 2024) – to have a quick chat about ‘what’s happening’ in our world.
REALLY want to keep reinforcing how often we’re all traveling the same muddy road of compliance and can really help one another save time and energy by collaborating!
And, that being said… this is the last of the year – and no doubt we’re all busy as ever and ready for the holidays (or not) – so… Let’s get straight to the good stuff!
I was THRILLED with all of the feedback – and additional questions – I received after last month’s episode… especially regarding required annual training. If you have any questions about that – please don’t hesitate to reach out – its one of my passions and I’m happy to assist.
Once again – a good chunk of inquiries and requests centered around business account opening requirements, which we’re building resources and planning training for. Also - shared in the compliance roundtable group email (which hey, shout out – if you’re a ‘compliance person’ in a KY CU – and you’re not already in that group - you need to be!… PLEASE shoot me an email and say so if you’re not, and we’ll get that taken care of) – but back to… shot the group a quick email regarding the TX court case that has that BOI reporting requirement due to hit business owners in January – on hold. Remember it wasn’t really impacting us as FIs either way – responsibility to report to FinCEN is on the business owners, but be it they’re your members – you’ll receive questions, so I’ll continue to keep you posted with answers!
Also continued to received questions regarding POAs and PODs- remember beneficiaries on the account DO in fact override the probate docs, or even the order to dispense when no probate is deemed necessary – so be sure you and your members all understand what those mean when they’re assigned and/or put to use. If you have question about that – let me know, happy to chat and help! Our friends at WoodsRogers are also great resources always at your fingertips.
And – since we mentioned resources – just a quick shoutout to our partners at InfoSight - - - really love seeing more and more of our CUs take advantage of all of the dues supported resources they offer and I’m so excited about the new platform – InfoSight360 – due to be released in early 2025… as its going to make things much easier to use! Keep your eyes out for training on the new site to be offered SOON!
Alright folks – that sums it up for this last episode of 2024!
As always – PLEASE shoot an email to me directly or to compliance@kentuckyscreditunions.org if there’s anything I can be of help with!
Hope everyone has a safe, healthy and very happy holiday and I’ll see you all again in the new year!
Eyes on the everchanging BOI Reporting Requirements
Several agencies reporting on the everchanging legislation regarding the corporate transparency act and whether or not businesses will be required to report beneficial ownership beginning in 2025, or not. As of right now the ruling is on hold – and only voluntary reporting will begin, at this time. Final installment of the requirement is changing by the hour, but there’s only so much we can or even need to do – since this responsibility will fall on the business owners and not the FIs, at least initially. That said – here’s a good resource straight from FinCEN that you can pass along to your member business owners if they come to you with questions or concerns about how to be prepared: Beneficial Ownership Information Reporting | FinCEN.gov and please keep your eyes peeled for updates on this matter – as Kyle, Andrew and I all keep a hinge on what’s happening and how we’ll be impacted.
Exciting InfoSight Updates Ahead – Do YOU want to be a tester for the new site?
As 2024 draws to a close, our team is reflecting on this year's journey and setting our sights on 2025. Here’s a look at what we've accomplished and what lies ahead:
- In response to evolving laws and regulations, we have significantly updated content across our products to maintain relevance and expertise for our credit unions. InfoSight introduced a new Fraud channel covering various fraud types, detection, and prevention. Additionally, updates were made to the Expedited Funds Availability – Reg CC and Fair Labor Standards Act topics.
- CU PolicyPro saw updates in 40 content sections and added new content including Beneficial Ownership Information Access Procedures, Reconsideration of Value Procedures, Succession Plan Template, Credit Card Program Procedures, and an Elder/Vulnerable Person Awareness Document.
- RecoveryPro launched a complete Cyber Incident Response section, addressing NCUA’s increased focus on cyber threats and Business Continuity Planning, and held an educational webinar delving into the new content.
- In August, we hosted a two-day Fraud Symposium featuring 10 sessions with industry experts on fraud trends and mitigation techniques, attracting over 1,000 registrants each day.
- CU PolicyPro and RecoveryPro saw the implementation of Multifactor Authentication and default font setting options.
Product Integration
Throughout the year, our team has been working behind the scenes on the development of InfoSight360, a unified platform that integrates our flagship products – InfoSight, CU PolicyPro, and RecoveryPro – into a single system. This interconnected platform offers a 360-degree view of resources, eliminating the need to switch between systems and ensuring no critical information is missed. Users of any product can access related content across the platform, and subscription details for additional products are easily accessible.
As credit unions continue to navigate complex regulations, we remain committed to innovation and excellence. InfoSight360 will launch in the first quarter of 2025, complemented by the rollout of our online Learning Management System and a Compliance Officer Bootcamp. Additionally, our partners at CU Risk Intelligence are planning the redevelopment of ComplySight/AffirmX.
We are proud of our achievements and grateful for the support of our team, credit unions, and partners. Thank you for being part of our journey! Cheers to an exciting year ahead!
We welcome your feedback at info@leagueinfosight.com.
Mary Ann Koelzer
Senior Technology Products Manager, League InfoSight
Become a Beta Tester for InfoSight360!
We’re inviting credit unions to apply for exclusive early access to InfoSight360 as part of our Beta Testing program! As a beta tester, your credit union will have the opportunity to experience the combined system before its official release and provide valuable feedback to help us fine-tune the experience.
Interested?
Apply today to join us on this exciting journey! Visit https://www.leagueinfosight.com/is360-beta for more information and to apply. Thank you for helping us make InfoSight360 the best it can be!
Please note: Submitting an application does not guarantee participation in the Beta Test. Final selection will be based on specific criteria and availability.
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